A scatter search heuristic for maximizing the net present value of a resource-constrained project with fixed activity cash flows
Vanhoucke, Mario
Vanhoucke, Mario
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Publication Type
Journal article with impact factor
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Supervisor
Publication Year
2010
Journal
International Journal of Production Research
Book
Publication Volume
48
Publication Issue
7
Publication Begin page
1983
Publication End page
2001
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Abstract
In this paper, we present a meta-heuristic algorithm for the resource-constrained project scheduling problem with discounted cash flows. We assume fixed payments associated with the execution of project activities and develop a heuristic optimisation procedure to maximise the net present value of a project subject to the precedence and renewable resource constraints. We investigate the use of a bi-directional generation scheme and a recursive forward/backward improvement method from literature and embed them in a meta-heuristic scatter search framework. We generate a large dataset of project instances under a controlled design and report detailed computational results. The solutions and project instances can be downloaded from a website in order to facilitate comparison with future research attempts.
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Keywords
Programme & Portfolio Management